Bailout Still In Doubt As Spotlight Shifts To House

Law360, New York (October 1, 2008, 12:00 AM EDT) -- The U.S. Senate passed a modified $700 billion bailout package for the financial industry on Wednesday night, setting the stage for another vote in the House of Representatives as early as Friday. But the outlook for approval by the House remains uncertain.

The revised legislation drew the support of 74 Senators after drafters agreed to tax breaks and a higher cap for insured bank deposits in hopes of gaining approval from the House of Representatives by Friday, just days after the House shot down an earlier...